If you’re a small business owner, you may have heard of Innovation Refunds and their promise of substantial tax refunds. Like many, we too were skeptical— how can such large sums be reclaimed so easily? That’s why we launched an investigation into their operations to determine whether it’s legit or a scam.
Brace yourself for the results – they are not what you’d expect!
Key Takeaways
- Innovation Refunds is a business consulting company that helps small businesses navigate the Employee Retention Credit (ERC) tax credit process.
- The company has a positive reputation, with an A+ rating from the Better Business Bureau and overwhelmingly positive customer reviews.
- While there are some negative reviews and criticisms, such as high costs and communication delays, many customers have reported successful outcomes in obtaining substantial refund checks through Innovation Refunds.
- To protect yourself from potential scams, it is important to understand the services offered by Innovation Refunds, check associated fees, and verify the company’s reputation before engaging with them.
Understanding Innovation Refunds
Innovation Refunds is a powerhouse in the world of business consulting. They have their core strengths rooted in providing aid with the Employee Retention Credit (ERC) tax credit process, thus offering the lifeline that small businesses yearn for during challenging financial periods.
As a BBB accredited company based out of West Des Moines, IA, they’ve proven to be stalwarts dedicated to assisting businesses navigate complex tax terrains.
Moreover, having an A+ rating from Better Business Bureau and overwhelmingly positive customer reviews showcases their expertise and reliability. Their reputation has been solidified by delivering substantial refund checks to numerous businesses over the years.
In just two years since establishment, Innovation Refunds’ network of CPAs and independent tax attorneys have successfully championed over $4 billion in payroll tax refunds for more than 14,000 businesses; no mean feat considering the convoluted laws governing ERC claims! Offering a free initial analysis to ascertain business qualification for ERC is another feather in their cap which demonstrates their dedication towards fostering financial security amid growing enterprises.
Customer Experiences and Reviews of Innovation Refunds
Customers of Innovation Refunds have shared their experiences and reviews, both positive and negative.
Positive Reviews
We’ve noted that Innovation Refunds has received numerous positive reviews from satisfied customers. Here are some highlights:
- Their average customer review rating on Trustpilot is an impressive 4.74 out of 5 stars, indicating a high level of satisfaction among their clients.
- Many customers have reported starting to receive refund checks after filing paperwork with the IRS, revealing successful outcomes in obtaining ERC tax credit.
- Outstanding customer service seems to be a staple at Innovation Refunds. Customers have mentioned individuals like Emilie Ball and Jeremy Shoars for making the process easy and straightforward.
- Other representatives such as Zoila and Justin have been praised for providing a seamless process and being a pleasure to work with.
- Notably, many customers recommend the company for their expertise in handling the Employee Retention Credit (ERC) tax credit process—a vital aspect for any small business owner navigating this complex space.
- A quick turnaround was also appreciated by customers, with Sam completing the ERC tax credit process ahead of schedule for some clients.
- The depth of knowledge within the team was commended by several reviewers who took note of Jacqueline Drenth’s, Michael Orzechowski’s, Kai Davis’s, Matt Tidman’s, Jeff Townsend’s, Samuel Estes’, and Eric Hansen’s exceptional assistance in their cases.
- In terms of financial results, customers seemed pleased with what they got back; some claimed to qualify for over $100K following their interaction with Innovation Refunds.
Negative Reviews
Despite the overwhelmingly positive sentiment, a few negatives have indeed surfaced in the customer reviews of Innovation Refunds. Here are some that stood out:
- High Costs: A few reviewers on Trustpilot expressed concern over the 25% fee charged by Innovation Refunds for their services. According to them, it’s pretty hefty and could deter small businesses with low profit margins.
- Employee Number Requirement: Complaints have emerged about the requirement of at least four employees for a business to work with Innovation Refunds. This eligibility guideline restricts very small businesses or startups from availing their services.
- Lack of Explanation for Disqualification: Some reviewers claimed that they were denied ERC tax refund services without proper explanation. They felt disappointed as they believe they met all the eligibility criteria but weren’t given a reason for their disqualification.
- Delayed Communication: Some customers noted delays in receiving responses from customer service, which led to frustration and inconvenience.
- Complexity in Paperwork: A few customers reported finding it challenging to understand and complete the required paperwork for claiming ERC refunds.
- Confusion Over Fees: A couple of reviewers pointed out that they were not fully aware upfront about all associated fees before signing up, leading to unexpected charges later on.
Critiques and Complaints about Innovation Refunds
We understand that when considering a service like Innovation Refunds, it’s important to take into account critiques and complaints from other customers. While the majority of customer reviews for Innovation Refunds are positive, there are some negative experiences as well.
It’s essential to evaluate these criticisms to make an informed decision.
Some customers have expressed frustration with the company’s radio commercials and questioned the validity of the claims made in them. However, it’s worth noting that Innovation Refunds is an accredited business with an A+ rating from the Better Business Bureau (BBB).
Additionally, many customers have reported receiving refund checks and starting to receive refund checks after working with Innovation Refunds.
When looking at customer experiences, Emilie Ball and Jeremy Shoars are mentioned as contact persons who provided excellent customer service and made the process simple and easy for customers.
Zoila and Justin were also praised for their seamless process and being a pleasure to work with.
It’s crucial to consider both positive and negative reviews when evaluating any service provider. Ultimately, you should weigh all available information before making a decision.
Evaluating the Legitimacy of Innovation Refunds
When evaluating the legitimacy of Innovation Refunds, it is important to consider several key factors. First and foremost, check if the company is accredited by trusted organizations such as the Better Business Bureau (BBB) and what their rating is.
In the case of Innovation Refunds, they are BBB accredited with an A+ rating, which speaks to their credibility.
Next, read customer reviews and testimonials about their experience working with Innovation Refunds. With a total of 129 customer reviews available and an average rating of 4.74 out of 5 stars, it is clear that many customers have had positive experiences with the company.
Additionally, pay attention to specific mentions from customers about individuals within the company who provided excellent service. For example, Emilie Ball is praised for her efficient communication and making the process simple for clients.
Jeremy Shoars is mentioned as being personable and professional in facilitating transactions.
Overall, Innovation Refunds comes highly recommended by customers for their expertise in navigating the ERC tax credit process. By considering these factors when evaluating a potential partnership with them or any similar company offering similar services, small business owners can protect themselves from fraudulent claims while benefitting from legitimate opportunities for financial growth.
Protecting Yourself from Potential Scams
To protect yourself from potential scams, it is important to understand the services offered by Innovation Refunds and carefully check the fees associated with their assistance. Additionally, verifying the company’s reputation, such as checking for BBB accreditation and customer reviews, can help ensure you are working with a legitimate organization.
Understanding the Services Offered
At Innovation Refunds, we specialize in providing business consulting services tailored to small business owners. Our main focus is assisting with the Employee Retention Credit (ERC) tax credit process, helping businesses take advantage of this federal incentive for growth and financial security.
Their team of experts, including individuals like Emilie Ball and Jeremy Shoars who have been praised by customers for their professionalism and ease of transactions, work closely with clients to streamline the process from start to finish.
They offer hands-on assistance throughout the application process as well as comprehensive evaluation of eligibility criteria and compatibility with payroll and accounting systems. With their expertise and experience in navigating IRS tax codes, they ensure that their clients receive timely updates on approvals and provide audit support if needed. Their success-based operation means that there are no upfront fees for services or paperwork required at the initial stage.
Checking the Fees Associated
Innovation Refunds wants to ensure that small business owners have all the necessary information before deciding to work with them. Here are some key points to consider when checking the fees associated with their services:
- No upfront fees: Unlike some competitors, Innovation Refunds does not charge any upfront fees. They believe in providing a risk-free experience for our clients by only charging a fee if they are successful in securing their Employee Retention Tax Credit refunds.
- 25% fee: It’s important to note that our fee for services is 25% of the total refund amount. While this fee may be higher than what other companies charge, they believe it is a fair reflection of the expertise and experience they bring to the table. Their streamlined process, integration with accounting software, and hands-on assistance ensure that businesses receive comprehensive evaluations and timely updates throughout the claim process.
- Referral reward: In addition to their service fee, Innovation Refunds also offers a referral program for small business owners. If you refer another business owner who becomes their client, you will receive a VISA gift card as a token of their appreciation.
- Associated fees: When considering working with any company, it’s important to inquire about any additional associated fees that may arise during the claim process. Innovation Refunds strives to be transparent about all costs involved so that there are no surprises along the way.
Verifying the Company’s Reputation
One important step in protecting yourself from potential scams is to verify the reputation of the company offering the services. Innovation Refunds, for example, is accredited by the Better Business Bureau (BBB) and has an A+ rating.
This demonstrates their commitment to maintaining ethical practices and providing satisfactory services to customers. Additionally, there are 129 customer reviews available for Innovation Refunds, with an average rating of 4.74 out of 5 stars.
These positive reviews indicate that previous customers have had a good experience working with the company and were satisfied with their services. By considering factors such as BBB accreditation and customer reviews, you can gain confidence in verifying the legitimacy of a company like Innovation Refunds before entering into any business transactions or agreements with them.
Conclusion
In conclusion, while there have been positive reviews and experiences with Innovation Refunds, it is crucial for small business owners to exercise caution and protect themselves from potential scams.
By understanding the services offered, checking associated fees, and verifying the company’s reputation, entrepreneurs can safeguard their financial security. Remember to always do thorough research and due diligence before engaging with any company claiming to offer innovation refunds or tax credit assistance.
Stay vigilant and protect your business from fraudulent claims.
FAQs
1. What is the Innovation Refunds scam?
The Innovation Refunds scam is a fraudulent scheme where scammers pose as representatives from a government agency or organization offering refunds for supposed overpayments, grants, or tax incentives related to innovation or research and development. They trick victims into providing personal and financial information, often leading to identity theft and financial loss.
2. How can I protect myself from the Innovation Refunds scam?
To protect yourself from the Innovation Refunds scam, be cautious of unsolicited calls or emails claiming to offer refunds. Verify the legitimacy of any organizations or agencies mentioned by independently contacting them through official channels. Do not provide personal or financial information to unknown individuals. Stay informed about common scams and report any suspicious activity to law enforcement authorities.
3. What are some red flags that indicate a fraudulent claim?
Some red flags that indicate a fraudulent claim include unsolicited communication requesting personal information, pressure tactics demanding immediate action, requests for payment upfront in order to receive the refund, and inconsistencies in contact information or official documentation provided by the scammers.
4. What should I do if I suspect I have fallen victim to the Innovation Refunds scam?
If you suspect you have fallen victim to the Innovation Refunds scam, immediately cease all communication with the scammers and report it to your local law enforcement authorities as well as your bank or credit card issuer if you have shared any financial information. Monitor your accounts closely for any unauthorized transactions and consider placing fraud alerts on your credit reports to prevent further harm.